The cigarette-maker behind Davidoff, Gauloises and Lambert & Butler spent $7bn in 2015 buying up US brands including Winston and Kool, which it says has helped to boost revenue by 9.7pc. But when the slide of sterling against the dollar is taken into account revenue growth swelled 14.7pc to £7.17bn.

Imperial’s bet on the lucrative US market is a key defense against the decline in UK smokers. Imperial has sold 15pc fewer cigarettes in the UK since 2013 as health-conscious consumers, coupled with government anti-smoking measures, have hit...